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US TSYS: Headline Risk Tempers Early Sentiment, Focus on Powell Senate Testimony

US TSYS
USBulletMarketsFixed Income BulletsNorth America
  • Treasuries look to finish mostly lower Monday, lower half of the range, curves steeper with the short end outperforming (2s10s +2.075 at 22.410). Mar'25 10Y futures trade 109-05 after the bell (-2.5) after climbing to 109-13.5 high midmorning, well below initial technical resistance at 110-00 (High Feb 7).
  • Headlines continue to rattle markets & squelch sentiment: Tsys & stocks had gapped lower on the overnight open after President Trump announced 25% tariffs on all imported steel and aluminum into the U.S. Market recovered from early overnight lows as details on last Friday's vague reciprocal tariff implementation appear to be delayed until later in the week.
  • Risk off sentiment reemerged as Israeli/Hamas hostage transfers appear to have hit a snag with both sides accusing each other for breaching ceasefire/transfer agreements.
  • The USD index is holding onto 0.2% gains on Monday, as the initial reaction to a Trump announcement of tariffs on steel and aluminium bolstered the greenback. Aside from the Japanese yen, G10 currency ranges have remained subdued as markets await the key US CPI data due on Wednesday.
  • Focus turns to Fed Chairman Powell's testimony to the Senate Banking committee tomorrow at 1000ET (text, Q&A)
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  • Treasuries look to finish mostly lower Monday, lower half of the range, curves steeper with the short end outperforming (2s10s +2.075 at 22.410). Mar'25 10Y futures trade 109-05 after the bell (-2.5) after climbing to 109-13.5 high midmorning, well below initial technical resistance at 110-00 (High Feb 7).
  • Headlines continue to rattle markets & squelch sentiment: Tsys & stocks had gapped lower on the overnight open after President Trump announced 25% tariffs on all imported steel and aluminum into the U.S. Market recovered from early overnight lows as details on last Friday's vague reciprocal tariff implementation appear to be delayed until later in the week.
  • Risk off sentiment reemerged as Israeli/Hamas hostage transfers appear to have hit a snag with both sides accusing each other for breaching ceasefire/transfer agreements.
  • The USD index is holding onto 0.2% gains on Monday, as the initial reaction to a Trump announcement of tariffs on steel and aluminium bolstered the greenback. Aside from the Japanese yen, G10 currency ranges have remained subdued as markets await the key US CPI data due on Wednesday.
  • Focus turns to Fed Chairman Powell's testimony to the Senate Banking committee tomorrow at 1000ET (text, Q&A)